We still don't know what is on banks books. So far they only wrote off a few. It has not include the future loss.
There is another big wave comming. Alt A loan, option arm loan reset. These wave are as big as subprime loan. the scheduled reset will start in the end of 2009. So forget about housing recovery. It aint going to happen. And that does not include commerical RE loss. This loss will as massive. If you don't know about these. you should do some research.
http://3.bp.blogspot.com/_oXyoMwZ3jno/SNoqF2SbvzI/AAAAAAAAAHY/nW8JyJxKd4s/s1600-h/IMFresets.jpghttp://piggington.com/revised_alta_reset_chart_due_to_pay_option_armsSo does these make you optimism? hehehe
Not to metion credit card default on the rise..... I don't even know how much more I can tell you. All these are the things come right off top of my head without even thinking much. That is why I am so pissed about the people lying on tv and writing shitty articles about everything is fine bullshit. Cause either they are lying or they don't know shit. I am not talking about bloggers, cause bloggers got their job to do and most are doing this for fun. I understand many of them don't know everything.
